NHMAX vs. HIMFX

Last updated Jun 23, 2026

NHMAX (Nuveen High Yield Municipal Bond Fund Class A) and HIMFX (American High-Income Municipal Bond Fund Class F-3) are both High Yield Muni funds. Both are actively managed. Over the past 5 years, NHMAX returned 0.76%/yr vs 1.74%/yr for HIMFX. Their correlation of 0.87 suggests significant overlap in exposure. NHMAX charges 2.00%/yr vs 0.31%/yr for HIMFX.

Performance

NHMAX vs. HIMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Bond Fund Class A (NHMAX) and American High-Income Municipal Bond Fund Class F-3 (HIMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NHMAX achieves a 3.38% return, which is significantly higher than HIMFX's 2.57% return.

NHMAX

• 1D: 0.07%
• 1M: 2.51%
• YTD: 3.38%
• 6M: 4.00%
• 1Y: 9.06%
• 3Y*: 4.70%
• 5Y*: 0.76%
• 10Y*: 3.34%

HIMFX

• 1D: 0.06%
• 1M: 1.86%
• YTD: 2.57%
• 6M: 3.09%
• 1Y: 8.39%
• 3Y*: 6.01%
• 5Y*: 1.74%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NHMAX vs. HIMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NHMAX Nuveen High Yield Municipal Bond Fund Class A	3.38%	2.51%	5.36%	6.96%	-15.14%	9.71%	3.03%	11.96%	1.79%	11.43%
HIMFX American High-Income Municipal Bond Fund Class F-3	2.57%	4.69%	6.23%	7.89%	-12.36%	5.60%	4.74%	8.92%	1.91%	8.22%

Correlation

The correlation between NHMAX and HIMFX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.87

The correlation between NHMAX and HIMFX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

NHMAX vs. HIMFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NHMAX

NHMAX Risk / Return Rank: 59
NHMAX Sharpe Ratio Rank: 59
NHMAX Sortino Ratio Rank: 74
NHMAX Omega Ratio Rank: 79
NHMAX Calmar Ratio Rank: 49
NHMAX Martin Ratio Rank: 36

HIMFX

HIMFX Risk / Return Rank: 81
HIMFX Sharpe Ratio Rank: 91
HIMFX Sortino Ratio Rank: 94
HIMFX Omega Ratio Rank: 93
HIMFX Calmar Ratio Rank: 69
HIMFX Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NHMAX vs. HIMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Bond Fund Class A (NHMAX) and American High-Income Municipal Bond Fund Class F-3 (HIMFX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NHMAX	HIMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.77	-0.69
Sortino ratio: Return per unit of downside risk	3.27	4.54	-1.27
Omega ratio: Gain probability vs. loss probability	1.47	1.68	-0.21
Calmar ratio: Return relative to maximum drawdown	2.55	3.05	-0.50
Martin ratio: Return relative to average drawdown	7.58	10.97	-3.39

NHMAX vs. HIMFX - Sharpe Ratio Comparison

The current NHMAX Sharpe Ratio is 2.08, which is comparable to the HIMFX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of NHMAX and HIMFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NHMAX vs. HIMFX - Drawdown Comparison

The maximum NHMAX drawdown since its inception was -45.60%, which is greater than HIMFX's maximum drawdown of -17.57%. Use the drawdown chart below to compare losses from any high point for NHMAX and HIMFX.

Drawdown Indicators

	NHMAX	HIMFX	Difference
Max Drawdown Largest peak-to-trough decline	-45.60%	-17.57%	-28.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-2.76%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-10.29%	-6.17%	-4.12%
Max Drawdown (5Y) Largest decline over 5 years	-21.65%	-17.57%	-4.08%
Max Drawdown (10Y) Largest decline over 10 years	-22.22%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.48%	-3.15%	-2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	0.77%	+0.43%

Volatility

NHMAX vs. HIMFX - Volatility Comparison

Nuveen High Yield Municipal Bond Fund Class A (NHMAX) has a higher volatility of 1.10% compared to American High-Income Municipal Bond Fund Class F-3 (HIMFX) at 0.76%. This indicates that NHMAX's price experiences larger fluctuations and is considered to be riskier than HIMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHMAX	HIMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	0.76%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	2.22%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	4.40%	3.04%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.83%	4.82%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.69%	4.59%	+2.10%

NHMAX vs. HIMFX - Expense Ratio Comparison

NHMAX has a 2.00% expense ratio, which is higher than HIMFX's 0.31% expense ratio.

Dividends

NHMAX vs. HIMFX - Dividend Comparison

NHMAX's dividend yield for the trailing twelve months is around 5.40%, more than HIMFX's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIMFX American High-Income Municipal Bond Fund Class F-3	4.22%	4.32%	3.83%	3.71%	2.80%	3.54%	3.73%	3.49%	3.99%	3.61%	0.00%	0.00%
NHMAX Nuveen High Yield Municipal Bond Fund Class A	5.40%	5.84%	5.54%	7.10%	5.41%	4.49%	4.83%	4.77%	5.26%	5.20%	5.61%	5.39%

Frequently Asked Questions

Can I hold both NHMAX and HIMFX in my portfolio?

With a correlation of 0.90, NHMAX and HIMFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NHMAX or HIMFX?

NHMAX has higher volatility (1.10%) compared to HIMFX (0.76%). In terms of maximum drawdown, NHMAX dropped -45.60% vs HIMFX's -17.57%.

Which has better risk-adjusted returns?

HIMFX currently has the higher Sharpe Ratio (2.77 vs 2.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.